Sypris Q4 revenue up 15% to $29.7M, backlog jumps 117%, raises 2023 outlook

SYPRIS SOLUTIONS INC

Q4 revenue $29.7M (+15.2% YoY); net income $0.1M ($0.01 diluted EPS) vs $0.4M ($0.02) prior year.
Full-year revenue $110.1M; net loss $2.5M ($0.11 loss per share) vs net income $2.9M ($0.13) in 2021 (incl. $3.6M PPP gain).
Record backlog $118.5M, up 117% YoY; orders +102.7% YoY; Sypris Electronics backlog +119.5% to $118.5M.
2023 outlook raised: revenue expected to increase 25-30% YoY, margin expansion 175-225 bps, positive cash flow.
New awards: $77M Navy program amendment, DOD missile system award, Detroit Diesel driveline components.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SYPRIS SOLUTIONS INC reported the fourth quarter and full-year ended December 31, 2022 results: revenue $29.7 million, net income $0.1 million, EPS $0.01 per diluted share. Guidance raised.

Period: the fourth quarter and full-year ended December 31, 2022
Revenue: $29.7 million
Net income: $0.1 million
EPS: $0.01 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

The Company reported revenue of $29.7 million for the fourth quarter ended December 31, 2022, compared to $25.8 million for the prior-year period. Net income was $0.1 million, or $0.01 per diluted share, compared to $0.4 million, or $0.02 per diluted share, for the prior-year period.

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Source: SEC EDGAR

accession 0001157523-23-000446

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